Korones Family Foundation
- Assets
- $2.7m
- Revenue
- $16.4k
- Investments
- $2.7m
- Employees
- 0
- Location
- Montclair, NJ
- Founding
- 12/2016
- Data as of
- 05/2024
- EIN
- 47-1256650
Organization Overview
Korones Family Foundation is located in Montclair, NJ. The organization was established in 2016. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Korones Family Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2024, Korones Family Foundation generated $16.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (58.3%) each year. All expenses for the organization totaled $165.4k during the year ending 05/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Korones Family Foundation has awarded 48 individual grants totaling $517,458. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David N Korones Director And President | 1 | $0 | |
Susan K Gifford Director, Treasurer, Secre | 1 | $0 | |
Ann R Falsey Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $74,494 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | -$58,070 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $16,424 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $118 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $34,343 |
| Contributions, gifts, grants paid | $131,085 |
| Total expenses and disbursements | $165,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $30,168 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $2,681,808 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Korones Family Foundation has awarded $131,085 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
ASLAN PROJECT PURPOSE: HELPING CHILDREN WITH CANCER | $15,000 |
FACING HISTORY AND OURSELVES PURPOSE: ENGAGE STUDENTS OF DIVERSE BACKGROUNDS IN AN EXAMINATION OF RACISM, PREJUDICE, AND ANTISEMITISM | $20,000 |
IFWHENHOW PURPOSE: ADVANCE REPRODUCTIVE JUSTICE | $5,050 |
JUST CITY PURPOSE: TO ASSIST IN TRANSFORMING LOCAL CRIMINAL JUSTICE POLICY | $10,000 |
MEMPHIS MUSIC INITIATIVE PURPOSE: MUSIC EDUCATION FOR YOUTH | $10,000 |
MEMPHIS SYMPHONY ORCHESTRA PURPOSE: INSPIRE COMMUNITY THROUGH MEANINGFUL MUSICAL EXPERIENCES AND EDUCATIONAL PROGRAMS | $10,000 |